Homebuyers face an average five-month wait between agreeing a sale and completing, increasing the risk of mortgage offers expiring or borrowers’ circumstances changing before funds are released.
Rightmove analysis found it takes 154 days on average to progress from an agreed sale to completion across Great Britain, 36 days longer than in pre-pandemic 2019.
When the average 62 days required to find a buyer is included, sellers now face a total moving time of 216 days. This is the longest recorded by Rightmove at this point of the year.
The extended timetable creates additional work for mortgage brokers, who may need to monitor offer deadlines, obtain extensions and revisit affordability or product selection when transactions are delayed.
LONDON BUYERS WAIT LONGEST
London has the slowest completion process, with buyers waiting an average of 174 days from an agreed sale to moving home.
This is 33 days longer than the 141-day average in the North East, the fastest English region.
Scotland has the shortest completion time in Great Britain at 98 days, reflecting its different legal process, greater use of upfront information and earlier certainty for buyers and sellers.
Locally, Clackmannanshire recorded the fastest average at 76 days, while Slough was the slowest at 229 days. North East Derbyshire was the fastest location outside Scotland at 120 days.
Flats took an average of 169 days to complete, compared with 149 days for terraced and semi-detached homes. Leasehold requirements can add further complexity and introduce additional parties into a transaction.
MORTGAGE PIPELINE AT RISK
There is an estimated £205bn of residential property currently listed for sale on Rightmove. Once buyers are found, those transactions will enter a process in which almost a quarter of initially agreed sales fall through.
Around 6% fail and do not return to the market within 12 months, with lengthy completion times and uncertainty identified as contributing factors.
For mortgage advisers, a collapsed transaction can mean repeating sourcing, affordability and application work, while customers may lose an initially secured rate or incur additional valuation and legal costs.
Rightmove supports the government’s plans to reform home moving through earlier information sharing, improved standards and greater digitisation.
Johan Svanstrom (main picture, inset), Rightmove CEO, said: “A healthy housing market depends on people being able to move home easily and with certainty. However, the entire home-moving process currently takes more than seven months on average, making this the longest summer wait on record.
“An average 154-day wait to complete the transaction process itself is simply far too long. Rightmove data shows that in some parts of the country the delays are even more significant.”
DIGITAL PROCESSING
Rightmove has partnered with NatWest to offer a digital mortgage in principle alongside online affordability tools designed to help buyers establish their borrowing position earlier.
Brad Fordham, head of mortgage distribution and underwriting at NatWest Group, said: “Delays within the conveyancing journey cause emotional distress and real financial costs for our customers.
“We believe that widespread adoption of digital technology is the fastest way the industry can accelerate the homeownership journey.
“Our partnership with Rightmove allows prospective homeowners to get a mortgage in principle decision, so they can view properties confident they can afford them.”
